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BTC: low and narrow range sorting
2022-09-05
1240
Fundamental analysis:
Bitcoin kept fluctuating around 19921. Kyle McDonald, an independent researcher, predicted that the bitcoin network might be regulated, leading to the collapse of the bitcoin price. After Ethereum turns to the so-called "proof of interest", investors and regulators may realize that the current energy intensive method, that is, "proof of workload", is never necessary.
Bitcoin btcusd - 4-hour K-line chart shows:
Technical analysis:
According to the 4-hour chart, the low-level narrow range consolidation translates, the amplitude space is limited, and it fails to break through the new direction guidance of the trend in the short term. The MACD index hovers in a weak position on the lower side of the 0 axis, and the RSI index is in a narrow range consolidation near the 50 equilibrium;
Long and short turning point: 20094
Pressing position: 20456, 20819
Support position: 19560, 19230
Trading strategy: 20094 bearish, target 19560, 19230
Alternative strategy: bullish above 20094, targeting 20456 and 20819
The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.
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